Sinn Fein MEP Matt McCarthy has issued a heavy criticism of Ireland's tax stance and its "reputation as an enabler of massive tax avoidance for large corporations and the wealthiest in society."

During a fiery debate in the European Parliament in Strasbourg yesterday, McCarthy, a member of the Economic and Monetary Affairs Committee, said:

"Unfortunately the perception is true."

The discussion was surrounding January proposals from the European Commission to clamp down on corporate tax avoidance in the EU.

The European Parliament prepares to vote today on a new anti-tax avoidance package.

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Troika representatives arrived in Dublin yesterday for a week-long review of the Irish economy.

The fifth "post-programme surveillance mission" will be conducted by officials from the European Central Bank, European Commission and the European Stability Mechanism Fund and concluded on Friday.

As part of this leg of the twice-yearly mission, the officials will meet with the Central Bank, the country's two pillar banks, the NTMA, representatives from the private sector and Minister of Finance Michael Noonan.

It was initially scheduled to take place last month, but was pushed back due to the delay in forming a new Irish government.

The aim is to examine our current budgetary and economic developments and learn about the new Governmen'ts plans.

The suspension of water charges and proposed changes to the USC will also be discussed.

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The Irish Fiscal Advisory Council has advised the State to invest in a "rainy day" fund in its formal assessment of the Government's Spring Economic Statement.

The proposed move would take money out of the economy and prevent it from overheating.

The Council noted that no further fiscal stimulus was required for strong economic growth and recommended a 2017 budget package of €900m.

In the report, the Council says the recovery so far has been "impressive" but urges the Government to continue its efforts to reduce national debt.

It is also concerned that the Programme for Government does not outline how all of the proposals will be paid for.

The Council says: "Provided the economy is growing at a sustainable rate, it would likely be appropriate for the Government to use the available fiscal space under the rules from 2017."